Aug 27 2010

Democrats Stalled Our Economic Engine

As the Obama-Reid-Pelosi economic policies hit their stride the horrid results are coming in:

The U.S. economy grew more sluggish than initially estimated in the second quarter, and corporate profits nearly dried up, further evidence that the recovery is losing steam.

Gross domestic product, the value of all goods and services produced, rose at an annualized seasonally adjusted rate of 1.6% from April to June, the Commerce Department said Friday.

Under the burden of unimaginable deficits and debt (Democrats will produce the same amount of debt it took this nation 225 years to build up in only 5 years given current budget projections), a failed stimulus approach, and the promise of crippling Obamacare costs (no more pretending it saves money!) it is not surprise the economic engine of this nation has stalled under the weight of socialist policies. An even worse indicator is the number of people on Extended Unemployment Compensation. Here is a chart showing the weekly number of Americans hanging onto this last life-line of unemployment assistance (click to enlarge):

Before the health care bill was passed, before the depth of the Democrats’ economic failure was fully appreciated, the country was trimming down the rolls of the long term unemployed. That changed in the early spring of this year. And late this summer those rolls started to expand again – at a staggering rate.

An even scarier chart is the month to month change in the number of people on EUC. Check out the impact the Wreckovery Summer is having on the long term unemployed (click to enlarge):

In July alone 1,296,516 people were added to the rolls. As the monthly change indicates, the unemployment picture is not getting better and has not been since March 2010. I hope we will not see a double dip recession, but the signs are not good right now. I firmly believe a good cleaning out of DC politicians in November will spark a real economic recovery. At least that is the closest event on the horizon that could change the mood of the country.

Update: Mort Zuckerman let’s go with both barrels against the Democrats’ economic madness:

There is another instinctive conclusion among the American people. It is that the national deficit, and the debts we have accumulated, are of critical political importance. On the national debt, the money the government has spent without the tax revenues to pay for it has produced mind-numbing numbers so large as to be disconnected from reality. Zeros from here to infinity. The sums are hard to describe; it is hard to describe an elephant, but you know one when you see one. The public knows that, shuffle the numbers as you may, the level of debt is unsustainable.

It is always the economy first, stupid. Screw that up and you have no hope of being put in a position of leadership again.

10 responses so far

10 Responses to “Democrats Stalled Our Economic Engine”

  1. The Obama Administration has made a bad credit bubble recession into an avoidable depression through dingbat Leftist economic and regulatory policies.

  2. WWS says:

    one quibble with your wording, Trent – the coming depression is no longer avoidable. Even if the gop wins big in November, it still won’t be enough.

  3. Sadly WWS, you’re correct.

  4. archtop says:

    WWS on 27 Aug 2010 at 12:21 pm

    “one quibble with your wording, Trent the coming depression is no longer avoidable. Even if the gop wins big in November, it still wont be enough.”

    yes – wait until the lame duck session on steroids….

    We can hope that optimism following a GOP victory will help the markets, but the fact is: (1) Obamacare will still be in place, (2) the debt will be there too, (3) the Bush tax cuts will sunset (unless action is quickly taken).

  5. lurker9876 says:

    AJ,

    Triage time has arrived for the DCCC:

    http://www.politico.com/news/stories/0810/41521.html

    Democratic Congressional Campaign Committee Chairman Chris Van Hollen sent a cold-blooded message Friday to under-performing party candidates: Get your act together, or you’re on your own.

    Facing a perilous political environment that has left the House Democratic majority in jeopardy, Van Hollen told reporters in a briefing at the National Press Club that the party faces a series of difficult decisions about which candidates to invest in this fall — and whom to leave behind.

    “At the end of the day, the Democratic Congressional Campaign Committee will look at races we can win,” Van Hollen said.

    The public face is they are going to choose the “Limit the Losses” rather than “Retain a Majority” funding profile.

    I’ll believe it when I see the media buys paid for.

    *******************************************

    Trent, I got to wonder…if these Democrats that voted for ObamaCare get booted out, will they be required to sign up for ObamaCare? Or is there a special health care benefit program provided by our friendly federal government to these ex-congressmen and ex-congresswomen?

  6. lurker9876 says:

    Hey, wws, I went to a “Meet and Greet the candidates” party tonight. I met a guy who has been a precinct chair for about 8 years and attended the state conventions for the last ten years (he beat me by two years, LOL!) He said something really interesting…he thinks Perry will win, which will drive Bill White into running for the US Senate in 2010…vying for Kay’s seat.

    And guess what…can YOU imaging Michael Williams running against Bill White?

    Oh, whatta hoot!

    A black conservative running against a white bald-headed liberal.

    Then he made another interesting comment…there’s really no other liberal that could run as well as Bill White.

    Oh, change of topic, talked to a judge (Bradshaw-Hill) tonight also. She was telling me about Mostyn who’s been running those Ike ads. I learned a few weeks ago about how he’s been donating millions of dollars to the Bill White team. Well, he formed a Pac for Houston, helping finance the block walks to get people to register and donate 25 bucks to him. He’s also a treasurer of this new PAC. Something like “Coalition of ….”

  7. lurker9876 says:

    OMG!!

    http://electionlawcenter.com/2010/08/27/breaking-houston-election-headquarters-warehouse-burns-to-ground.aspx

    A few days ago we blogged how the Houston voter registrar had a press conference announcing widespread voter fraud and thousands of illegal and phony voter registrations submitted by an ACORN-like organization called “Houston Votes.” Those stories are here and here.

    Harris County Tax Assessor Collector [and voter registrar] Leo Vasquez accused the group of submitting thousands of bogus voter registration applications in recent months in what he said appears to be a campaign to taint the voter rolls.

    Well this morning Mr. Vasquez’s warehouse containing all of the voting machines, supplies and equipment burned to the ground. A note of caution: obviously law enforcement officials in Harris County will get to the bottom of this. We are posting this because, for now, Harris County is going to have a mess of an election in November because all of their equipment and supplies have been destroyed.

    UPDATE: Every voting machine for Houston is destroyed.

  8. lurker9876,

    It is the 2006 & 2008 swing district candidates that will go down, not the Democratic Party Leftists with senority from urban majority minority or majority gentry left/gov’t worker districts.

    They will get even more nutball to keep their districts after the moderates and reality based leftists are gone.

    That will be the only way that they will be able to get campaign contributions after businesses abandon the Democratic Party over the next 4-to-5 of Congressional election cycles.

  9. WWS says:

    Wow – the Ghost of LBJ strikes! Recall that in 1946 he had a church full of voteboxes burned to the ground to preserve his win in Duval County.

    Agree that Bill White is the best that Libs have to offer in Texas, and of course he’ll run for Senate – who else do they have to offer in this state, after all? Of course Chet Edwards will be looking for a job, hmmm….

    Dems have got a huge structural problem in Texas, though. They need a huge black voter turnout to have any chance of winning a statewide race, and there is no way for any mild mannered business oriented white guy to get that.

  10. [...] is the claim to fame of Obama-Reid-Pelosi economic policies. Just look at the charts I showed last week on the Emergency Unemployment rolls, and how they grew by over a million in July ALONE!  (click to [...]